Turtle Bay, Manhattan
an $18,000,000 First Mortgage Bridge Loan collateralized by a prime development site on East 44th Street in the Turtle Bay neighborhood near the United Nations on Manhattan’s East Side. W Financial closed its original loan for this property in October 2013. Since then, the borrower has successfully bought out several tenants as well as engaged in the lengthy process of designing and then obtaining approvals to develop a much larger and more distinctive project. The borrower required the new loan proceeds in order to purchase additional air rights, bringing the total development potential to ~87,000 square feet, as well as to finance operating costs and pre-development expenses. W’s consolidated first mortgage loan is secured by the assembled parcel, which has now been enhanced with additional development rights.